Dutch public prosecutor investigates Bitcoin-based money laundering

Dutch public prosecutor investigates Bitcoin-based money laundering

This year the Dutch public prosecution office works on three money laundering cases that involve the use of the digital currency Bitcoin. The Dutch

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This year the Dutch public prosecution office works on three money laundering cases that involve the use of the digital currency Bitcoin.

The Dutch daily newspaper Financieele Dagblad (fd.nl) reported that the public prosecution office aims to tackle the growing problem of money laundering.

According to cryptocoinnews.com, the first pending case involves a 24-year-old man from Amsterdam and a 27-year-old man from Utrecht. They have been suspected of money laundering €2.4 million by using bitcoins. The hearing is scheduled for February 6.

The second case concerns four Dutch nationals who are alleged to have set up a currency exchange allowing them to turn bitcoins into euros, wrote cryptocoinnews.com.

In the end of 2017, the public prosecutor will hear the third case that is about part of a money laundering gang known under the codename IJsberg, explained cryptocoinnews.com.

A study of Europol (available at https://hacked.com/europol-bitcoin-darknet-cybercrime/) revealed that bitcoin remains the currency of choice for most cybercrimes.

Criminal to criminal (C2C) payments seek high level of anonymity. Therefore, bitcoin is one of their preferred payment choices, reports cryptocoinnews.com.

While the Netherlands is a relatively small country, it has been found out to be one of the leading countries selling drugs through darknet vendors online. The revelation comes from a Dutch report undertaken by the Dutch justice ministry (pdf available at http://www.dutchnews.nl/wpcms/wp-content/uploads/2016/08/Online-drugs-sales-report.pdf).

The Netherlands and the Dutch public prosecution office are determined to crackdown on the dark web. Last year the Dutch authorities had taken down a dark web marketplace within the framework of Operation Hyperion, an operation conducted by law enforcement agencies all over the world, reported cryptocoinnews.com.

It is difficult to prevent illegal activities in the cyber space. However, the authorities` efforts to tackle the problem send a clear message to potential law-breakers. They are going to face the consequences for their actions, wrote cryptocoinnews.com.

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